The entrance to the LOT strategic investor was to take place in a few weeks. As reported yesterday, “Puls Biznesu”, Ministry of Treasury decided to stop the sale of the national carrier, leaving the decision to the new government. In the afternoon, the president of LOT Sebastian Mikosz resigned. Shall remain in office until September 17.
– For Mikosz it was a matter of honor. SME action fakes. On the horizon there are no other prospects for a strategic investor for LOT – heard from people close to the board.
A potential investor had to be an American fund Indigo Partners, a major shareholder cheap Wizz Air. It is a competitor mainly for the Irish giant Ryanair, but also for LOT. Some experts argued that it would be possible synergy: Wizz Air dowoziłby LOT those passengers to hub in Warsaw.
The transaction was to increase the company’s capital. Only in the further sale of shares owned by the Treasury. In this way, the Indigo was supposed to be ready to invest in LOT several hundred million dollars.
Experts caution that they do not know details of the offer of the fund. However, repeated the opinion that political factors at fault. The government led by the PO did not want to “fire off” such a transaction before the election, in which – as shown by opinion polls – to win the PiS, with a more critical attitude towards privatization.
The negotiations were involved the Treasury, board of LOT and firm Rothschild. Adrian Furgalski of Economic Advisors TOR draws attention to the negative consequences of the decision on LOT. – In the two and a half years in the privatization of British Airways was interested, to no avail. If another potential investor Indigo Partners, will be dismissed, there will be more perceived as a serious interlocutor. After a LOT of investors are not waiting queue – he says.
By Dominic Sipińskiego portal Pasażer.com LOT will now be without capital for development. – Carrier regained profitability and perhaps in the short term is unable to pay for itself. But further growth is needed to purchase new equipment and expansion of its network. Without the involvement of a strategic investor’s capital will be difficult – says specialist Pasażer.com.
– LOT, who had a chance to go out on a simple fall into the drift – predicts Adrian Furgalski. – This situation may take two to three years. Then again, we hear that the carrier is in danger. EU regulations are, however, such that by 2023. Opportunity to benefit from public aid is blocked – explains.
The aviation industry is convinced that the treasury minister Wlodzimierz Karpinski and his deputy Rafał Baniak were ready to sign a letter of intent for the privatization of LOT in June. New Minister Andrzej Czerwinski , but focused on the energy sector. It was only in July resumed negotiations.
LOT predicts that this year will be 4.75 million passengers. In the past he earned on its core business, which is flying, 99.4 million zł. This is the first profit in seven years.
At the end of 2012. LOT was insolvent and asked for aid. In December of 2012. Received emergency zł 400 million from the government. Eventually, the government gave LOT 527 million zł. In return, the carrier had to reduce employment and reduce the number of connections.
The Treasury said yesterday that does not hide the surprise decision of the President and ensure that it is in advanced talks with potential investor.
RMF FM quotes LOT message, which stated that Mikosz “reported that the mission entrusted to him on 6 February 2013. exhausted. It consisted of saving the company from bankruptcy, develop and implement a restructuring plan in the EU’s state aid procedure and finding an investor “.
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